The Fixed Assets / Government Property Management module provides complete visibility into your company assets and controls Government property in your possession or at suppliers/subcontractors. The module provides complete visibility into your depreciation calculations. Using this module you can add fixed assets from AP purchases, import them from a file, or add them individually.
JAMIS Prime will provide total asset management (fixed assets / government property) from acquisition all the way through disposal. The user interface is flexible and customizable to help you work faster and smarter with user-definable fields. JAMIS Prime enable control of your government owned property in accordance with Federal Acquisition Regulation 52.245-1.
Features include
Multiple Depreciation Methods – Select from a huge number of predefined depreciation schedules or create your own. JAMIS Prime supports accelerated cost recovery system (ACRS), modified ACRS, straight-line, declining-balance, sum of years’ digits, remaining value, flat rate, units of production, and custom methods. Each depreciation method can include different averaging conventions as well as useful life and recovery periods.
Purchase Order Integration – Integration with the Purchase Order Module allows you to easily convert purchases into fixed assets or government acquired property without re-entering data. Eligible purchases are automatically displayed to simplify the conversion process.
Tax Benefit Support – JAMIS Prime provides multiple depreciation books, multiple calendars, special depreciation bonuses, and tax benefit recapture capabilities to help you accurately account for complex tax rules.
Multiple Depreciation Books – JAMIS Prime provides the ability to create multiple depreciation books. This allows you to create depreciation schedules that do not update the general ledger for tax and reporting purposes. For tax and reporting books, you can assign calendar years that are independent of your actual financial ledger.
Multiple Asset Types – Manage multiple property types including company owned property, government owned property, leases, rentals, and granted property. You can also track assets that are leased or rented to others.
US Tax Bonuses – The US IRS code Section 179 specifies bonuses that reduce the depreciable basis for the first year of an asset’s useful life. JAMIS Prime supports these calculations as well as the ability to reverse these benefits if you dispose of the asset prematurely.
Fixed Asset Tools – Asset manipulation tools allow you to make mass changes to several fixed assets at once. These tools include processing depreciation schedules, releasing fixed asset transactions, converting purchases to fixed assets, and generating fixed asset calendars.
Fixed Asset / Government Property Reporting – The Fixed Asset module provides several reports to help you manage asset acquisitions, disposals, asset balances, asset net values, future projections, and depreciation transactions. You can drill-down inside summary reports to review the detailed transactions.